Other home buying schemes to help you

Shared Ownership is just one of the schemes aimed at helping you buy your first home. So even if Shared Ownership isn’t right for you, we may still be able to help you through one of the schemes detailed below.

Help to Buy equity loan scheme

If you can offer a deposit of 5% of your home’s total value then the government will boost your deposit with a loan of up to 20% of the total cost of the property (up to 40% in London). This effectively means you have a larger deposit to buy a home. Your mortgage will make up the other 75% (55% in London).

With the larger deposit available to you with the Help to Buy equity loan, you should be able to get a lower interest on your mortgage. This gives you more flexibility in your repayment and makes it easier to obtain a mortgage agreement. Help To Buy also means that you won’t have to take out an expensive 95% mortgage. You won’t need to pay interest on the government’s equity loan for the first five years.

The scheme is available on new build properties in England that are valued up to £600,000, and is open to any UK resident.

How does the Help to Buy equity loan differ from shared ownership?

Next steps

London Living Rent

London Living Rent is for middle-income households who are currently renting and want to build up savings to purchase their home. With London Living Rent, tenants rent their home at a subsidised rate – helping them to achieve their savings goal sooner.

Who is eligible?

If you are interested in renting an LLR property, you must meet the following criteria:
– You must already be renting in London
– Your household income cannot exceed £60,000
– You don’t currently own your own home
– You are currently unable to buy a home (including through Shared Ownership) in your local area

Next steps